Cutoff and grooving systems that can be extended or retracted to a variety of depths of cut are advantageous because of the ability to optimally adjust the tool to the specific requirements of a given job. Cut off tools presently available either utilize a screw to clamp the inserts in place, necessitating a wide toolholder section required to receive the screw or they use a variety of self gripping designs which require unique, specialized tools to lock down and release the cutting insert. Other cutoff tools have utilized cams or screws that pry open the moveable part of the blade and lock down the insert when released. Although standard wrenches will loosen and tighten the screws or cams, the need for extra components and the wear they experience makes them less useful over time.